Oumar Malik
Oumar Malik
Chief Financial Officer
Oumar Malik is the Chief Financial Officer of iNewkhusi.com, a top financial platform offering banking, loans, credit cards, and insurance. With deep financial expertise, Oumar is key in developing strategies for growth and effective management of financial products and services. Based in Al Hamriya, Dubai, Oumar provides valuable insights and innovative solutions to help individuals and businesses manage their finances.
Do you want to fulfill your dreams as soon as possible? Are you looking for an easy way to save and earn more interest? Then the Mashreq Bank Dream Saver Account might be the perfect option for you! Whether you desire to buy a new car or dream of going on a beautiful vacation, you can achieve all this by opening a Mashreq Bank Dream Saver Account and making small savings.
This post will provide you with all the important information about the Mashreq Bank Dream Saver Account, including interest rates, eligibility criteria, the account opening process, and much more. So, stay with us here.
Mashreq Dream Saver Account Overview
The Mashreq Dream Saver Account is designed to help you achieve your financial goals with ease. It offers a 1% interest rate, with interest paid at maturity and monthly earnings. You can open the account quickly, without any minimum deposit or fees. While no debit card is issued to prevent unnecessary spending, existing Mashreq customers can easily open the account online or via mobile banking. The information about this account is as follows:
| Feature | Description |
|---|---|
| Interest Rate | 1% (interest rate may change) |
| Interest Payment | At maturity |
| Monthly Interest | Yes |
| Minimum Deposit | None |
| Account Opening | Easy, in 2 minutes |
| Flexibility | Choose dreams, tenure, and deposit amount |
| No Fees | Yes |
| Debit Card | No |
| Eligibility | Active Mashreq current or savings account |
| Application | Online or mobile banking |
| Benefits | High interest rate, flexibility, no fees, easy to grow savings |
This account is suitable for those who want to achieve their dreams quickly, want a high interest rate, need a flexible savings plan, wish to avoid unnecessary expenses, and are existing Mashreq Bank customers.
Mashreq Dream Saver Account Benefits
The Mashreq Dream Saver Account is a great savings option for those who want to achieve their dreams quickly. Let’s take a look at its benefits:
- 1% Fixed Interest Rate: This account offers a fixed interest rate of 1% (subject to change). It provides a guaranteed return on the amount deposited.
- Paid at Maturity: The interest on the deposited amount is credited to your account at the end of the maturity period.
- Earn Monthly Interest: You can benefit from the interest earned every month, helping you stay motivated to achieve your overall savings goal.
- No Minimum Amount Required: There is no minimum amount required to open this account. You can gradually build up your savings.
- Easy Account Opening: You can open a Mashreq NEO account in just 2 minutes and then proceed to open the Dream Saver Account easily.
- Flexibility for Your Dreams: You can choose your savings tenure and deposit amount according to your specific dream.
- Easy to Grow Savings: There are no fees or other charges on this account, allowing your savings to grow easily without any deductions.
- No Debit Card: This account does not provide a debit card, which helps prevent unnecessary spending and promotes savings.
- Easy for Mashreq Customers: Existing Mashreq customers can easily open the Dream Saver Account through online or mobile banking.
These are just some of the benefits that the Mashreq Dream Saver Account offers.
Mashreq Dream Saver Account Eligibility Criteria
To open a Mashreq Dream Saver Account, you need to meet some eligibility criteria. Let’s take a look at them:
| Eligibility Criteria | Description |
|---|---|
| Existing Mashreq Account | You must have an active Mashreq current or savings account. |
| Age | You must be 18 years or older. If you are a minor, you can apply with your guardian. |
To open a Mashreq Dream Saver Account, you need to provide some essential documents.
- Personal Information:
- Valid Emirates ID: This is required as proof of identity for opening your account.
- Passport (for expatriates only): If you are a non-UAE resident, you need to submit your passport as well.
- Proof of Address: You can verify your address using documents like utility bills, bank statements, or rental agreements.
- Financial Information:
- Proof of Minimum Monthly Income: You need to provide proof of your minimum monthly income. You can submit bank statements or salary certificates for this.
- Other Documents: Based on your personal circumstances, you may be asked to provide additional documents.
- New Customers:
- New Customer Application Form: If you are a new customer, you need to fill out and submit an application form.
- For Minors:
- Birth Certificate: If you are opening an account for a minor, you need to submit the child’s birth certificate.
- Minor’s Passport: You also need to submit the minor’s passport.
- Guardian’s Emirates ID: The guardian of the minor needs to submit their Emirates ID.
Dream Saver Account Illustration of Interest Calculation
Interest is calculated on the daily account balance and credited at the end of the selected dream tenure. For a dream amount of AED 100,000 to be achieved in 12 months, the monthly contribution will be AED 8,295.21.
| Goal Value (AED) | AED 100,000.00 |
|---|---|
| Investment Period | 12 months |
| Monthly Contributions | AED 8,295.21 |
| Month | Monthly Contribution (AED) |
|---|---|
| 1 – 31st Jan 2021 | AED 8,295.21 |
| 2 – 28th Feb 2021 | AED 8,295.21 |
| 3 – 31st Mar 2021 | AED 8,295.21 |
| 4 – 30th Apr 2021 | AED 8,295.21 |
| 5 – 31st May 2021 | AED 8,295.21 |
| 6 – 30th Jun 2021 | AED 8,295.21 |
| 7 – 31st Jul 2021 | AED 8,295.21 |
| 8 – 31st Aug 2021 | AED 8,295.21 |
| 9 – 30th Sep 2021 | AED 8,295.21 |
| 10 – 31st Oct 2021 | AED 8,295.21 |
| 11 – 30th Nov 2021 | AED 8,295.21 |
| 12 – 31st Dec 2021 | AED 8,295.21 |
Summary
| Description | Amount (AED) |
|---|---|
| Amount paid in 12 months | AED 99,542.49 |
| Amount received after 12 months | AED 100,000.00 |
| Total interest earned | AED 457.51 |
Please note: The interest calculation above is for illustrative purposes only. The actual interest amount will depend on the exact tenure of the savings and the number of calendar days in a month.
Mashreq Bank Dream Saver Account Opening: Step-by-Step Process
The step by step process of opening Mashreq Bank Dream Saver Account is explained below which is as follows
1. Visit Mashreq Bank Website:
Open the official Mashreq Bank website in your web browser.
2. Navigate to Accounts Section:
Click on the Menu tab and select the “Accounts” section.
3. Select Dream Saver Account:
Choose the Dream Saver Account option from the savings account choices.
4. Click on APPLY NOW :
Locate and click the “APPLY NOW” button.
5. Choose Application Type :
Select “Apply as a new customer” and proceed to sign in for application.
6. Begin Application:
Click on “Get Started” to initiate the application process.
7. Enter Personal Details :
Fill in required details such as mobile number, email, confirm email, accept terms and conditions, and proceed to the next step.
8. Verify with OTP :
Enter the 6-digit OTP received in the designated box for verification.
9. Capture Emirates ID:
Take a photo of your valid Emirates ID.
10. Provide Personal Information :
Enter your full name as per identification documents and proceed.
11. Identity Verification :
Capture a selfie to verify your identity.
12. Employment Details:
Fill in details such as company name, designation, annual turnover, work address (apartment, villa number, building number, street number, area, Emirate).
13. Select Account Type :
Choose the Dream Saver Account option.
14. Tax Information:
Answer if you are a US Person and provide any other required tax details.
15. Enter Address Details :
Complete your residential address details (apartment, villa number, building number, street number, area, Emirate).
16. Create Login Credentials:
Generate a username and password for your account access.
17. Confirmation :
Once all steps are completed, you will receive confirmation that your Dream Saver Account is opened and activated.
By following these steps, you can easily apply for and open a Mashreq Bank Dream Saver Account online, ensuring a quick and straightforward process.
Mashreq Dream Saver Account Fees and Charges
The Mashreq Dream Saver Account is a savings account specifically designed to help you achieve your long-term savings goals. One of the significant advantages of this account is that it has no hidden fees or charges.
Here are the benefits you can enjoy with the Mashreq Dream Saver Account:
- No Minimum Balance Requirement: There is no minimum amount required to open or maintain this account. You can gradually build up your savings.
- No Monthly Fees: There are no monthly maintenance fees or other recurring charges on this account.
Mashreq Dream Saver Account Restrictions
The Mashreq Dream Saver Account is designed to help you achieve your long-term savings goals. While this account offers many benefits, there are some restrictions you should be aware of.
Restrictions:
- No Debit Card: This account does not provide a debit card. This means you cannot make purchases directly from your account or withdraw cash from an ATM. You should use this account to achieve your savings goals, not for daily expenses.
- No Teller Transactions: You cannot make direct deposits or withdrawals by visiting a Mashreq Bank branch. You must carry out your transactions through online or mobile banking.
- Limited Transactions: Generally, you can only make one debit transaction during your chosen savings tenure. If you withdraw funds more frequently, you may lose the benefit of earning interest. In some cases, early withdrawals may also incur a penalty.
- Early Withdrawal Fee: You can withdraw funds before your savings tenure is complete. However, the bank may impose a penalty without prior notice for early withdrawals. This penalty could be in the form of a deduction from the interest earned on the deposited amount.
FAQs: Mashreq Dream Saver Account
What is Mashreq Dream Saver Account?
It’s a savings account designed to help you achieve specific long-term goals by encouraging regular saving.
What are the benefits?
On opening Mashreq Dream Saver Account, you are given many types of facilities. The banking benefits available in this account are as follows:
1% fixed interest rate (subject to change)
No minimum balance requirement
Easy account opening (through Mashreq NEO)
Flexibility to choose your dream, tenure, and deposit amount
No monthly fees or charges
Easy to grow savings (interest accrues monthly)
Who is eligible?
Existing Mashreq Current or Savings Account holders. Must be 18 years or older (or a minor with a guardian)
How do I open a Dream Saver Account?
Existing Mashreq customers: Apply through online or mobile banking. New customers: Open a Mashreq NEO account first, then apply for Dream Saver.
Is there a minimum deposit to open the account?
No, there is no minimum deposit required.
Can I use a debit card with the account?
No, debit cards are not provided with this account to discourage spending and encourage saving.
Can I make withdrawals from the account?
Yes, but there are limitations. You typically get only one debit transaction during your chosen savings tenure. Further withdrawals may affect interest earned or incur penalties.
Are there any monthly fees?
No, there are no monthly fees associated with this account.
Can I close the account early?
Yes, but you might lose earned interest and incur a penalty fee.
What happens if I don’t meet the minimum withdrawal requirement?
There’s no minimum withdrawal requirement, but exceeding the allowed number of withdrawals might impact your interest benefit.
Is the account available in different currencies?
No, the Dream Saver Account can only be opened in AED (Dirhams).
Conclusion
The Mashreq Dream Saver Account is a flexible savings solution, but it has some restrictions. The lack of a debit card and the prohibition of teller transactions ensure that you do not easily spend your savings and remain focused on achieving your goals. It is important to keep these limitations in mind before opening an account.
If you face any problem in opening this account then you can comment below, you will get a reply within 2 hours.